Baker McKenzie represented CRIF S.p.A., a global company specialized in credit bureau, business information, credit and open banking solutions, in its acquisition of Strands, Inc., a FinTech company specialized in advanced digital banking solutions.
Strands, based in the United States with offices in Spain, Asia and South America, is one of the top global providers of AI-driven business and personal financial management. Strands creates highly customizable digital money management software (BFM, PFM and more) for top-tier financial institutions worldwide, and empowers people to be smarter with their money.
According to the parties, the combination between Strands and CRIF will create a strong worldwide digital solutions provider in access to account, account aggregation, and AI-powered BFM and PFM solutions, with new synergies in terms of expertise, solutions and offerings and will allow further development of an ecosystem of innovative and end-to-end open banking solutions for banks and financial institutions.
Steven Canner, Michelle Heisner and Andrew Cohen led the transaction. Lorenzo de Martinis, Ilaria Bosso and Laura Pons provided cross-border advice; Pamela Church and Alysha Preston advised on intellectual property matters, and Steven Schneider and Jayshree Narendran provided tax advice.
Baker McKenzie is one of the leading firms for cross-border transactions, providing strategic advice on deals involving the world’s leading financial institutions and multinational companies. From deal inception to business integration, we provide an end-to-end service that helps clients bridge the gap between aspiration and achievement.
CRIF is a global company specializing in credit bureau and business information, outsourcing and processing services, and credit solutions. Established in 1988 in Bologna (Italy), CRIF operates over four continents. CRIF is currently the leader in continental Europe in the field of banking credit information and one of the main operators on a global level in the field of integrated services for business & commercial information and credit & marketing management. CRIF is included in the prestigious IDC FinTech Rankings Top 100, a ranking of the leading global technology solution providers to the financial services industry, and in 2019 completed its coverage as an AISP in 31 European countries where the revised Payment Services Directive is applicable.
Today over 6,300 banks and financial institutions, 55,000 business clients and 340,000 consumers use CRIF services in 50 countries on a daily basis. For more information: www.crif.com